Investing.com - The price of gold dropped on Monday morning, as concerns over a forthcoming interest rate hike in the U.S. overshadowed the fallout from Italians’ rebuff of a proposed constitutional reform. The price closed the day at 1171.7, a decrease of 0.52%.
Gold for February delivery, the most-active contract, was recently down 0.9% at $1,167.40 per troy ounce on the COMEX division of the New York Mercantile Exchange, en route for the lowest close since Feb. 5.of this year.
The price declined despite the Italian “no” vote, which some analysts predicted would spur some safe-haven buying for gold, or fears that it could be a sign of continued political uncertainty and harm the stability of the eurozone in the European Union.
Observers claimed there was basically no tangible reaction to the Italian referendum reflected in today's price of gold.
The prime minister of Italy resigned over the "no" vote, and apologized to voters yesterday, according to a a number of news reports in print, online, and on TV.